Company registration number 03007639 (England and Wales)
T. J. MORRIS PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
Monetta LLP
Chartered Accountants
T. J. MORRIS PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
T. J. MORRIS PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
9,535,725
10,055,327
Current assets
Debtors
6
151,640
263,395
Cash at bank and in hand
1,732,956
770,825
1,884,596
1,034,220
Creditors: amounts falling due within one year
7
(4,451,955)
(4,452,981)
Net current liabilities
(2,567,359)
(3,418,761)
Total assets less current liabilities
6,968,366
6,636,566
Provisions for liabilities
8
-
0
(32,605)
Net assets
6,968,366
6,603,961
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
6,968,266
6,603,861
Total equity
6,968,366
6,603,961

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the director and authorised for issue on 18 March 2024
T. J. Morris
Director
Company Registration No. 03007639
T. J. MORRIS PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
100
6,125,221
6,125,321
Year ended 30 June 2022:
Profit and total comprehensive income
-
478,640
478,640
Balance at 30 June 2022
100
6,603,861
6,603,961
Year ended 30 June 2023:
Profit and total comprehensive income
-
364,405
364,405
Balance at 30 June 2023
100
6,968,266
6,968,366
T. J. MORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

T. J. Morris Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Portal Way, Axis Business Park, Gillmoss, Liverpool, L11 0JA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As T. J. Morris Properties Limited is a small company it has taken advantage under FRS102 of the exemption from preparing a cash flow statement.

 

1.2
Going concern

At 30 June 2023 the company had net current liabilities of £true2,567,359 inclusive of a loan from T. J. Morris Limited of £4,326,234.

 

The accounts have been prepared on the going concern basis because, in the opinion of the director, financial support will continue to be made available by T. J. Morris Limited, the major creditor of the company.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Rental income from investment properties is recognised on a straight-line basis over the term of the lease. The aggregate cost of incentives provided to lessees is recognised as a reduction of rental income over the lease term on a straight-line basis.

 

Operating lease incentives given are recognised as accrued income and released to revenue in accordance with paragraph 20.15 FRS102 over the lease term, on a straight line basis.

1.4
Investment properties

Investment properties are included at cost. FRS 102 requires that they be shown at fair value. This is a departure from FRS 102 and the Companies Act 2006. It is not practical to estimate the financial effect of this departure.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

T. J. MORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

T. J. MORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Investment properties
2023
£
Cost
At 1 July 2022
10,055,327
Disposals
(519,602)
At 30 June 2023
9,535,725

Investment properties are included at cost, this is a departure from FRS102 and the Companies Act 2006 which requires investment properties to be shown at fair value. It is not practical to estimate the financial effect of this departure.

T. J. MORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
5
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
43,430
31,087
Carrying amount of financial liabilities
Measured at amortised cost
4,372,359
4,425,203
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
43,430
31,087
Corporation tax recoverable
-
0
175,354
Prepayments and accrued income
66,657
56,954
110,087
263,395
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 9)
41,553
-
0
Total debtors
151,640
263,395

Prepayments and accrued income include amounts falling due after more than one year of £53,971 (2022: £33,950).

7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
54,714
-
0
Other taxation and social security
24,882
27,778
Other creditors
4,326,234
4,321,378
Accruals and deferred income
46,125
103,825
4,451,955
4,452,981
8
Provisions for liabilities
2023
2022
Notes
£
£
Deferred tax liabilities
9
-
0
32,605
T. J. MORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
15,434
32,605
-
-
Tax losses
-
-
56,987
-
15,434
32,605
56,987
-
2023
Movements in the year:
£
Liability at 1 July 2022
32,605
Credit to profit or loss
(74,158)
Asset at 30 June 2023
(41,553)

None of the deferred tax liability set out above is expected to reverse within 12 months.

10
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
80
80
80
80
Ordinary B shares of £1 each
5
5
5
5
Ordinary C shares of £1 each
5
5
5
5
Ordinary D shares of £1 each
5
5
5
5
Ordinary E shares of £1 each
5
5
5
5
100
100
100
100

All shares rank pari passu in all respects except that the directors may declare different dividends in respect of each share class.

T. J. MORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified.

 

As explained in Note 1, the company's investment properties have been included in the balance sheet at cost, instead of at fair value as required by FRS102 and Companies Act 2006. In the absence of valuations of the company's investment properties at 30 June 2023, it is not practical for us to estimate the financial effect of this departure.

Senior Statutory Auditor:
Mr Keith Miller
Statutory Auditor:
Monetta LLP
Date of audit report:
20 March 2024
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rental income
2023
2022
£
£
Entities with control, joint control or significant influence over the company
285,000
285,000
2023
2022
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
4,326,234
4,321,378
4,326,234
4,321,378

This balance is included in creditors and is in the form of an interest free loan due to T. J. Morris Limited, a company in which Mr T. J. Morris is a Director and controlling shareholder.


The company's bank facilities are secured by an unlimited guarantee from T. J. Morris Limited. The company has also guaranteed the bank borrowings of T. J. Morris Limited. At 30 June 2023 these borrowings amounted to nil.

13
Ultimate controlling party

The ultimate controlling party of the company is Mr T. J. Morris.

2023-06-302022-07-01false20 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedT. J. MorrisG. P. McLoughlinfalse030076392022-07-012023-06-30030076392023-06-30030076392022-06-3003007639core:CurrentFinancialInstruments2023-06-3003007639core:CurrentFinancialInstruments2022-06-3003007639core:ShareCapital2023-06-3003007639core:ShareCapital2022-06-3003007639core:RetainedEarningsAccumulatedLosses2023-06-3003007639core:RetainedEarningsAccumulatedLosses2022-06-3003007639core:ShareCapital2021-06-3003007639core:RetainedEarningsAccumulatedLosses2021-06-3003007639core:ShareCapitalOrdinaryShares2023-06-3003007639core:ShareCapitalOrdinaryShares2022-06-3003007639bus:Director12022-07-012023-06-3003007639core:RetainedEarningsAccumulatedLosses2021-07-012022-06-30030076392021-07-012022-06-3003007639core:RetainedEarningsAccumulatedLosses2022-07-012023-06-30030076392022-06-3003007639core:Non-currentFinancialInstruments2023-06-3003007639core:Non-currentFinancialInstruments2022-06-3003007639core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-06-3003007639bus:PrivateLimitedCompanyLtd2022-07-012023-06-3003007639bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3003007639bus:FRS1022022-07-012023-06-3003007639bus:Audited2022-07-012023-06-3003007639bus:CompanySecretary12022-07-012023-06-3003007639bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP